Our comprehensive research on the Global Bicycle Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global bicycle market size was US$ 21,639.7 million in 2021. The global bicycle market size is forecast to reach US$ 31,487.5 million by 2030, growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.
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Bicycles are an environmentally beneficial way of transportation. It also comes in a variety of styles, including cargo bikes, electric bikes, and mountain bikes. A bicycle is easy to ride and is one of the safest ways of transportation. Furthermore, significant bicycle clubs such as Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club all have the same goal in mind: to boost customer interest in cycling. As a result, they arrange a variety of sports events, recreational activities, bike rallies, and competitions to encourage people to ride bicycles.
Factors Influencing Market Growth
- Among the factor driving the global market include the growing disposable income and rising consumer spending in the bicycle industry.
- Cycling in adverse weather conditions is unsafe, and the lower durability of batteries in electric bikes may slow down the overall market growth.
- The primary factor fueling the global market includes that these bicycles do not need a driving license, allowing consumers of various age groups to drive these bikes.
Impact Analysis of COVID-19
The COVID-19 pandemic had a minimal impact on the global bicycle market. The growth in health consciousness among people and preference for bicycles as cheaper means of exercising and traveling short distances has increased the demand. In addition, the execution of stringent standards such as social distancing during the COVID-19 pandemic has forced individuals to avoid gathering in gyms and travel via public transport, which, in turn, increased the demand for bicycles.
Regional Insights
The Asia Pacific region held dominant in the market in 2021 and is forecast to maintain its position during the forecast period. Countries like China, Japan, and Singapore highlight moving out the infrastructure essential to promote and support bicycle commutation. Major cities in the region are known for their lower casualty rates, considered ideal cities for urban bicycling. In addition, Chinese bicycle-sharing firms are aggressively targeting countries such as India and Australia in order to grow their operations. Thus, these factors are forecast to fuel the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global bicycle market are:
- Accell Group
- Cervélo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industries Co., Ltd.
- Olympus Bikes
- Scott Sports SA
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
- Kona Bicycle Company
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Bicycle industry experienced notable growth in its workforce. Starting in January, employment within the Bicycle sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Bicycle output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Bicycle output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Bicycle market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Bicycle market.
Scope of the Report
The global bicycle market segmentation focuses on Type, Sales Channel, End-Users, and Region.
Segmentation based on Type
- Cargo Electric Bike
- Non-Cargo Electric Bike
- Cargo Nonelectric Bike
- Non-Cargo Nonelectric Bike
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Segmentation based on Sales Channel
- Online Platforms
- Physical Stores
Segmentation based on End-Users
- Men
- Women
- Kids
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Bicycle Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Bicycle Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Bicycle Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Bicycle Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Bicycle market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Bicycle market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Bicycle business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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